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HOUSE BILL NO. 74

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Daily Data Tracking History

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H0074........................................................by MR. SPEAKER
                    Requested by Department of Finance
CREDIT UNIONS - Amends existing law relating to Idaho credit unions to
delete references to the Federal Savings and Loan Insurance Corporation and
replace it with references to the Federal Deposit Insurance Corporation;
and to allow credit unions to invest in any corporate credit union.

01/11    House intro - 1st rdg - to printing
01/11    Rpt prt - to Bus
02/04    Rpt out - rec d/p - to 2nd rdg
02/05    2nd rdg - to 3rd rdg
02/09    3rd rdg - PASSED - 65-0-5
      AYES -- Alltus, Barraclough, Barrett, Bieter, Black, Boe, Bruneel,
      Callister, Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney,
      Ellsworth, Field(13), Field(20), Gagner, Geddes, Gould, Hadley,
      Hammond, Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones,
      Judd, Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake, Limbaugh,
      Linford, Loertscher, Mader, Marley, McKague, Meyer, Montgomery,
      Mortensen, Moyle, Pischner, Pomeroy, Ridinger, Ringo, Robison, Sali,
      Schaefer, Sellman, Smith, Stevenson, Stoicheff, Stone, Tippets,
      Trail, Watson, Wheeler, Wood, Zimmermann, Mr Speaker
      NAYS -- None
      Absent and excused -- Bell, Reynolds, Taylor, Tilman, Williams
    Floor Sponsor - Meyer
    Title apvd - to Senate
02/10    Senate intro - 1st rdg - to Com/HuRes
03/17    Rpt out - rec d/p - to 2nd rdg
03/18    Rules susp - PASSED - 21-0-14
      AYES--Andreason, Branch, Bunderson, Burtenshaw, Cameron, Crow,
      Danielson, Darrington, Davis, Dunklin, Geddes, Hawkins, Ipsen, King,
      Lee, McLaughlin, Richardson, Risch, Schroeder, Sorensen, Stennett
      NAYS--None
      Absent and excused--Boatright, Deide, Frasure, Ingram, Keough, Noh,
      Parry, Riggs, Sandy, Stegner, Thorne, Twiggs, Wheeler, Whitworth
    Floor Sponsor - Davis
    Title apvd - to House
03/19    To enrol - rpt enrol - Sp signed - Pres signed
03/23    To Governor
03/24    Governor signed
         Session Law Chapter 276
         Effective: 07/01/99

Bill Text

H0074

                                                                        
 ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
Fifty-fifth Legislature                 First Regular Session - 1999
                                                                        

                             IN THE HOUSE OF REPRESENTATIVES

                                    HOUSE BILL NO. 74

                                      BY MR. SPEAKER
                           Requested by: Department of Finance

 1                                        AN ACT
 2    RELATING TO THE IDAHO CREDIT UNION ACT; AMENDING SECTION 26-2127, IDAHO  CODE,
 3        TO DELETE REFERENCES TO THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION
 4        AND  REPLACE  IT  WITH REFERENCE TO THE FEDERAL DEPOSIT INSURANCE CORPORA-
 5        TION, TO ALLOW CREDIT UNIONS TO INVEST IN ANY CORPORATE CREDIT  UNION  AND
 6        TO MAKE TECHNICAL CORRECTIONS.

 7    Be It Enacted by the Legislature of the State of Idaho:

 8        SECTION  1.  That  Section 26-2127, Idaho Code, be, and the same is hereby
 9    amended to read as follows:

10        26-2127.  INVESTMENTS. Funds not used for loans to members may be invested
11    in:
12        (a)  Obligations fully guaranteed as to  principal  and  interest  by  the
13    United States government;
14        (b)  Time  certificates of deposits issued by any state or federally char-
15    tered bank within the state of Idaho whose accounts are insured by the  F
16      f  ederal    D    d  eposit    I
17     i nsurance  C  c orporation. Such time
18    certificates of deposit may be made in an amount not to exceed the greater  of
19    the    F    f  ederal  D  d eposit
20     I  i nsurance  C    c  orporation
21    insurance limits or one percent (1%) of the issuing bank's total deposits;
22        (c)  Time certificates of deposit or savings accounts in any state or fed-
23    erally  chartered savings and loan association within the state of Idaho whose
24    accounts are insured by the  F  f ederal    Savings
25    and  Loan      deposit    I  i nsurance
26     C  c orporation in an amount not to exceed the  greater
27    of  the  F  f ederal  Savings and Loan  
28    deposit   I  i  nsurance    C    c
29    orporation insurance limit or one percent (1%) of the savings and loan's
30    withdrawable savings liability;
31        (d)  Shares  of stock in a credit union service corporation as provided in
32    this chapter;  and 
33        (e)  Shares or deposits of  the Idaho   a  corporate
34    credit union in an amount not to exceed ten percent (10%) of the    Idaho
35      corporate  credit  union's total outstanding shares, provided that the
36    director may approve an investment in shares or deposits in excess of the  ten
37    percent (10%) limitation contained in this subsection .  ; and
38    
39        (f)  Shares in the Idaho league services corporation.

Statement of Purpose / Fiscal Impact

                      STATEMENT  OF  PURPOSE
RS08427
This legislation amends the Idaho Credit Union Act to delete
references to the Federal Savings and Loan Insurance Corporation,
which has been abolished, and to instead reference the Federal
Deposit Insurance Corporation, which has assumed its
responsibilities.

This legislation also amends the Credit Union Act to allow credit
unions to invest in any corporate credit union.



FISCAL  IMPACT
None.








CONTACT   
Name:          Kelly Robison
Agency:   Idaho Department of Finance
Phone:         332-8032

Statement of Purpose/Fiscal Impact                           H 7